Financial Matters with Gary Edgerton: make sure you claim your child benefit

Therefore, HM Revenue and Customs (HMRC) is reminding parents to claim their Child Benefit. A claim can be made online and the first payment could be made within a week of claiming.

Why claim child benefit?

Child Benefit is a helpful financial support for families, offering up to £1,331 per year for the first child, and £881 for each additional child. This can make a real difference, especially in the early days of parenthood.

But Child Benefit doesn’t just provide extra money – it also gives you National Insurance (NI) credits. These credits contribute to your State Pension in the future, and so this could be especially important for parents who may be taking time off paid employment to care for their little ones.

How to claim Child Benefit

The claim process can all be done online. If you register your baby’s birth, you can claim Child Benefit as soon as 48 hours after registration. Payments are typically processed within three days, so parents could receive their first payment within a week of their baby being born.

Here’s what you’ll need to make your claim:

• Your child’s birth or adoption certificate,
• Bank details for the payment,
• National Insurance number for yourself and your partner (if applicable), and
• For children born outside the UK, their original birth or adoption certificate, and their passport or travel document.

You can make the claim using the HMRC app or online through the GOV.UK website.

What if I earn over £60,000?

If someone in your household earns over £60,000, you may be subject to the High Income Child Benefit Charge. This means the amount of benefit you receive could be reduced. You can still claim Child Benefit, but it’s important to be aware of this tax charge to avoid any surprises later on.

Our article in next week’s edition will cover this in more detail.